State of Texas Sells 152 Acres in Houston Suburb
- Feb 01, 2008
Just a few months after a 134-acre land sale in the Houston suburb of Sugar Land, the General Land Office (GLO) of the state of Texas sold another 152 acres on behalf of the Permanent School Fund to LRI Partners Ltd. Financials on the deal were not disclosed.The tract, located 22-miles southwest of Houston near Sugar Land, is situated in Fort Bend County between Grand Parkway, also known as State Highway 99, and Farm-to-Market Road 1464. The subject property has approximately 3,850 feet of frontage along Grand Parkway on the west, 1,150 feet along FM 1464 on the east, and 4,400 feet along Owens Road (private) on the north.”The General Land Office buys and sells about $500 million worth of property per year while overseeing a real estate portion of $25 billion for the Permanent School Fund,” a GLO spokesperson told CPN on Nov. 26. “Our staff identifies property that will likely appreciate, buys it and turns around and sells it for more money.”This parcel is located near single-family and multi-family residential developments including Chelsea Harbor, New Territory, Telfair, Orchard Lakes and Landmark of Sugar Land. Shadow Hawk Golf Course and The Houstonian Country Club are less than one mile to the north as well as the new William B. Travis High School located 2.5 miles to the north off Grand Parkway. The redevelopment of the former Old Orchard Golf Course is also in close proximity, being located on the north side of Oyster Creek.Plans for the property were not disclosed. Sugar Land is of the fastest growing communities in Texas, growing more than 158 percent in the last 10 years. The quality of the Fort Bend economy is rising at a rate greater than that of the 10 strongest metropolitan economies in the nation, according to information from the city of Sugar Land.On Nov. 26, CPN reported that Houston-based Read King Commercial Real Estate purchased 134 acres in Sugar Land from the GLO with plans for a mixed-use development near the entrance of an enormous upscale residential development.Donna Kolius, Pierce Owens, Cody Persyn and Jeremy Richmond of CB Richard Ellis Portfolio Services, along with Hudson and Marshall of Texas represented the GLO in the sale of the 152-acre property. The buyer was represented by David Garrett.